Dollar Climbs as U.S. Job Market Beats Forecasts
The U.S. dollar advanced against the euro, British pound, and Japanese yen as investors reacted to stronger-than-expected labor market data for May. Nonfarm employment rose by 139K, outperforming forecasts of 126K. Unemployment held steady at 4.2%, while average hourly earnings accelerated from 0.2% to 0.4% month-over-month and remained at 3.9% year-over-year. These figures highlight continued resilience in the job market, reducing immediate recession fears and reinforcing expectations that the Federal Reserve will maintain elevated interest rates.
